An Act To Authorize A General Fund Bond Issue To Recapitalize The School Revolving Renovation Fund

This bill authorizes Maine to issue up to $100,000,000 in bonds to refill the School Revolving Renovation Fund, which provides money for public school renovations and capital repairs. The funds would be managed by the Department of Education and can only be used for the specified school projects, with any leftover money after the projects are done going toward paying off other state debt. Before the bonds can be issued, the bill must be approved by voters in a statewide election held after the legislature passes it. If voters approve the measure, the state treasurer will sell the bonds and use the proceeds strictly for the school fund as outlined in the law.